Question

the salary is $79,142

QUESTION 4 Net pay refers to the amount of take home pay after taxes and other deductions (healthcare, social security, retirement, etc.). For the purposes of this project we will assume everyone is an unmarried individual with no children. We will assume your net salary is simply your gross salary minus your taxes (that you will calculate using the table below) and all of your gross salary will be considered taxable income. Find your net pay. Show all calculations, including descriptions if necessary. Be sure to use the equation editor and label your final solution. Round your solution to the nearest dollar. If Taxable income is Between $0-$9,525 $9,526 - $38,700 $38,701 - $82,500 $82,501 - $157,500 $157,501 - $200,000 $200,001 - $500,000 $500,001 or more The Tax Due is: 10% of taxable income $952.50 +12% of the amount over $9,525 $4,453.50 22% of the amount over $38,700 $14,089.50 24% of the amount over $82,500 $32,089.50 + 32% of the amount over $157,500 $45,689.50 35% of the amount over $200,000 $150,689.50 + 37% of the amount over $500,000 'E E TTTT Paragraph. Anal 3121) *DOQEEZETT, T - . -

Answer 1

The net pay of employee is the difference between gross salary and the income taxes withholdings.

So, Net pay = Gross salary Less Taxes

We have gross salary as $ 79,142.

To compute taxes, the slabs in the question is to be used.

$ 79,142 falls in the third slab with tax as $ 4,453.50 + 22% of the amount over $ 38,700.

Hence, taxes      = $ 4453.50 + (79,142-38,700) * 22%

                                = 4453.50 + 8897.24

                                = $ 13,350.74

The net pay would be Gross salary – taxes = 79.142 – 13,350.74 = $ 65,791

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